I need an inexpensive yet reliable escrow service to complete a purchase of timeshare

[chc818]

Oops. I found the other threads about escrow only services. What I really need is a lesson about how to properly complete the recording of a purchase from another party resale. Do I simply use an escrow only service to pay for the timeshare safely, then record the title on my own?

 

[Dave H]

Escrow if it is just handling funds would only be to pay for the timeshare safely. If you are trying to do your own deed, and record it, it is all going to depend on the state as to what they require to be done with the deed. Some states need witnesses, some do not, All need the Grantor (seller) to sign it and have it notarized, some require the Grantee (Buyer) to sign as well.

Some states place the burdon on the buyer to make sure no gains taxes are do for non-resident owners (like Hawaii, NJ and SC to a degree). The IRS places the burdon on the FIRPTA tax fro foreign sellers on the buyer as well.

Some states require additional forms to be sent in like the on-line recording forms from Wisconsin to having Affidavits of Value like SC.

The best thing to do is call the county where you are trying to record and see what exactly they will require from you. The only other way around having to do all the foot work is to have a closing company handle the transaction for you that knows what they are doing. Thats what good closing companies do all day long, they have to know those requirements for all the different states and counties.

 

[ronandjoan]

"Inexpensive"?

How inexpensive is "inexpensive" to you on this?

Our most inexpensive closing cost purchase was $13, the county recording fee. We did our own warrant deed. I read all the info on TUG about it; it seemed that going through a closing company woud insure TRUST among strangers (from the Web.) In this case, though, the other party was GIVING the week to us! so what "trust" would be involved?

Yes, the guy was very nice to do that, yes, he was a Web "stranger" - obviously anxious to get rid of it, but also one that we wanted!

However, title clearance is an issue (Holiday Group didn;t check one that we purchased from them, and we had quite a time), and other issues -- we had a bad experience when we sold a timeshare and the guy wanted to make payments, so we said okay since we had talked with he and his wife and they were SOOO nice...then, on- time payments became an issue. Fortunately, we had gone through a company to do that sale.

 

[rickandcindy23]

You can always use ttt here on TUG. He's pretty great, and his prices are very reasonable at about $179 maximum for typing/ recording the deed. He doesn't provide escrow, I don't believe, but Alan is really great, and he is very communicative.

 

[richardm]

Don't be foolish! Pay a closing agent!

Oops. What I really need is a lesson about how to properly complete the recording of a purchase from another party resale.

Here are five!

Lesson #1: Timeshare ownership isn't cheap- why would you be?

Lesson #2: A timeshare is a wonderful type of vacation ownership that can give you a lifetime of great travel- or a lifetime of frustration if you have problems or end up with something different than you expected... Have someone competent perform the closing and transfer of ownership for you!

Lesson #3: How you start is often how you will finish... If you get frustrated trying to obtain the ownership- you will generally have a bad taste for your timeshare throughout.. You can become one of those members that talk about how great your property is- or you can become one of those members convinced your ownership was the worst mistake you ever made.....

Lesson #4: If you can't afford to pay a closing agent a few hundred dollars- should you really be buying a timeshare!

Lesson #5: If you don't know- you can't fake it! Each ownership and transfer procedure is different... Make sure your closing agent is familiar with the property and has completed closings there in the past.... Honesty and politeness from a closing agent won't make up for a lack of experience!